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Distribution Solutions Group, Inc. (DSGR) SEC Filing 10-Q Quarterly Report for the period ending Saturday, September 30, 2023

Distribution Solutions Group, Inc.

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CIK: 703604 Ticker: DSGR

Distribution Solutions Group Announces
Fiscal 2023 Second Quarter Results
Record Second Quarter Revenue Up 17.6%


CHICAGO, August 3, 2023 - Distribution Solutions Group, Inc. (NASDAQ:DSGR) ("DSG" or the "Company")
, a multi-platform specialty distribution company providing high touch, value-added distribution solutions to the maintenance, repair & operations (MRO), the original equipment manufacturer (OEM) and the industrial technologies markets, today announced consolidated results for the second quarter ended June 30, 2023. This press release is supplemented by an earnings slide deck appearing on the Company’s investor relations page at https://investor.distributionsolutionsgroup.com/news/events.

The following represents a summary of certain operating results (unaudited). See reconciliation of GAAP to non-GAAP measures in tables 2 and 3.
Three Months Ended
June 30,
(Dollars in thousands)20232022% Change
GAAP Revenue$377,984 $321,336 17.6 %
GAAP Operating Income$13,776 $4,113 234.9 %
GAAP Operating income as a percent of GAAP Revenue3.6%1.3%
Adjusted EBITDA$40,100 $31,653 26.7 %
Adjusted EBITDA as a percent of GAAP Revenue10.6%9.9%

Bryan King, CEO and Chairman of the Board, said, “Our business delivered outstanding results during the second quarter as total revenue grew by 17.6%. GAAP operating income more than tripled and adjusted EBITDA increased by $8.4 million or nearly 27%, representing 10.6% of revenue. We continued to expand our margin profile with strong execution and performance during the first half of 2023 driven by broad-based contributions across our market leading businesses. We continue to strategically focus on generating shareholder value by driving sales growth, improving profitability and generating incremental cash flow.

"Our second quarter included just over three weeks of Hisco results, which we acquired in June, and we are well underway integrating Hisco's business into DSG. Combining Hisco into our TestEquity business expands our customer base, geographic reach and product offerings while driving additional scale and cost synergies to the entire DSG platform.

"We are closely monitoring the demand environment in light of continued tightening of monetary policy to emphasize on growth segments to drive revenues. While certain end markets moderated somewhat during the second quarter, we continue to invest in those initiatives we believe will fuel profitable growth across the DSG companies. Our asset light business model, combined with our focus on growing operating cash flows and accelerating returns on invested capital, positions us well to enhance long-term shareholder value," concluded Mr. King.

Second Quarter Highlights (1)

•GAAP revenue was $378.0 million, an increase of $56.6 million or 17.6%, which included $43.4 million of additional revenue from companies acquired in 2022 and 2023 other than Lawson Products.
1
The following information was filed by Distribution Solutions Group, Inc. (DSGR) on Thursday, August 3, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Distribution Solutions Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

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Inside Distribution Solutions Group, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Cash Flows (Parenthetical)
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss)
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) (Parenthetical)
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)
Business Acquisitions
Business Acquisitions (Tables)
Business Acquisitions - Initial Purchase Price Allocation (Details)
Business Acquisitions - Intangible Assets Acquired (Details)
Business Acquisitions - Narrative (Details)
Business Acquisitions - Pro Forma Information (Details)
Business Acquisitions - Schedule Of Acquired Assets And Liabilities (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of Long-Term Debt (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Earnout Liabilities
Earnout Liabilities (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Carrying Amount Of Intangible Assets (Details)
Goodwill And Intangible Assets - Maturity Of Intangible Assets (Details)
Goodwill And Intangible Assets - Schedule Of Goodwill (Details)
Income Taxes
Income Taxes (Details)
Leases
Leases (Tables)
Leases - Cash Outflows Of The Leasing Activity (Details)
Leases - Leases Weighted-Average Lease Terms And Interest Rates (Details)
Leases - Net Lease Assets And Liabilities (Details)
Leases - Net Lease Cost (Details)
Leases - Value Of Lease Liabilities (Details)
Nature Of Operations And Basis Of Presentation
Nature Of Operations And Basis Of Presentation (Details)
Related Party Transactions
Related Party Transactions (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Lease Revenue (Details)
Revenue Recognition - Narrative (Details)
Revenue Recognition - Schedule Of Disaggregation Of Revenue (Details)
Segment Information
Segment Reporting (Tables)
Segment Reporting - Reportable Segment Information (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Equity Compensation Plans (Details)
Stock-Based Compensation - Restricted Stock Units (Details)
Stock-Based Compensation - Stock Option Assumptions (Details)
Stock-Based Compensation - Stock Options (Details)
Stock-Based Compensation - Summary Of Stock Options Activity (Details)
Stockholders' Equity
Stockholders' Equity - Rights Offering (Details)
Stockholders' Equity - Stock Repurchase Program (Details)
Subsequent Event
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Supplemental Financial Statement Information
Supplemental Financial Statement Information (Tables)
Supplemental Financial Statement Information - Accrued Expenses And Other Current Liabilities (Details)
Supplemental Financial Statement Information - Narrative (Details)
Supplemental Financial Statement Information - Other Liabilities (Details)
Supplemental Financial Statement Information - Property, Plant And Equipment (Details)
Supplemental Financial Statement Information - Rental Equipment (Details)
Supplemental Financial Statement Information - Schedule Of Inventory (Details)

Material Contracts, Statements, Certifications & more

Distribution Solutions Group, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: DSGR
CIK: 703604
Form Type: 10-Q Quarterly Report
Accession Number: 0000703604-23-000086
Submitted to the SEC: Thu Nov 02 2023 7:56:59 AM EST
Accepted by the SEC: Thu Nov 02 2023
Period: Saturday, September 30, 2023
Industry: Wholesale Machinery Equipment And Supplies

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